Summary: Tennessee Housing Development Agency; Single Family Whole Loan

S&P Global Ratings has assigned its 'AA+' long-term underlying rating to Tennessee Housing Development Agency's (THDA) issue 2018-3 residential-finance-program bonds, issued under THDA's 2013 General Residential Finance Program Bond Resolution (the 2013 general resolution). At the same time, we affirmed our 'AA+' long-term underlying rating on THDA's existing bonds, issued under the 2013 general resolution. The outlook is stable. The rating reflects our opinion of THDA's: Strong resolution cash flows with a July 1, 2018, asset-to-liability (A/L) parity ratio of 111.6% and a minimum A/L parity ratio of 111.3%; Single-family, whole-loan portfolio of very strong credit quality with approximately 93% of loans, by balance outstanding, guaranteed either by the U.S. government or with a loan-to-value (LTV) ratio below 78%; Sufficient

...S&P Global Ratings has assigned its '##+' long-term underlying rating to Tennessee Housing Development Agency's (THDA) issue 2018-3 residential-finance-program bonds, issued under THDA's 2013 General Residential Finance Program Bond Resolution (the 2013 general resolution). At the same time, we affirmed our '##+' long-term underlying rating on THDA's existing bonds, issued under the 2013 general resolution. The outlook is stable. The rating reflects our opinion of THDA's: + Strong resolution cash flows with a July 1, 2018, asset-to-liability (A/L) parity ratio of 111.6% and a minimum A/L parity ratio of 111.3%; + Single-family, whole-loan portfolio of very strong credit quality with approximately 93% of loans, by balance outstanding, guaranteed either by the U.S. government or with a loan-to-value (LTV) ratio below 78%; + Sufficient liquid reserves; + Very high-quality investments; and + Bond provisions and program management consistent with the rating. We believe these strengths are somewhat...

Summary